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Daily Market Analysis from Hotforex Broker
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[QUOTE="HFM, post: 151905, member: 32345"] [FONT=Georgia][COLOR=rgb(20, 20, 20)][B]Date : 29th August 2018.[/B] [B]MACRO EVENTS & NEWS OF 29th August 2018.[/B] [IMG]https://analysis.hotforex.com/wp-content/uploads/2018/08/Calendar-29-08-1.png[/IMG] [SIZE=4][B]FX News Today[/B][/SIZE] [B]FX Update: [/B]The Dollar has traded firmer overall, although it has continued to hold steady in a narrow range against the Yen. USDCAD dropped to its lowest level since June 6, at 1.2887, driven by reports that Canada is ready to make significant concessions on diary to secure a trade deal with the US. This is potentially good news as it raises the chances for Congress to approve the White House agreement with Mexico in the context of a revamped NAFTA deal. Elsewhere, EURUSD extended yesterday’s correction from the four-week peak at 1.1733, posting a 1.1674 low. AUDUSD fell to a two-day low at 0.7308, and Cable has seen a two-day low at 1.2854, with the Pound so far unaffected by news reports that the UK and the EU are likely to further push the deadline for a Brexit agreement to mid-November rather than October’s EU summit. USDJPY, in contrast to other Dollar pairs, has posted less than a 20 pip range so far in the Tokyo trading, defined by 111.13 and 111.31, which continues a phase of tight consolidative price action into a fourth consecutive session. EURJPY and other Yen crosses, meanwhile, have declined moderately. PBoC set the USDCNH reference at 6.8072, fractionally up on yesterday’s 6.8052. [B]Asian Market Wrap:[/B] 10-year Treasury yields are down -0.9 bp at 2.871%, pulling back from highs slightly over 2.85% yesterday. JGB yields are still up 0.1 bp at 0.089%, but also off earlier highs. Wall Street closed with marginal gains yesterday after the US500 pulled back from record highs over the 2900 mark, with Topix and Nikkei up 0.40% and 0.13% respectively amid optimism over U.S. growth after an improvement in consumer sentiment. Mainland China bourses are in the red, however, with investors remaining cautious despite reports that Canada is willing to make considerable concessions to secure a trade deal amid ongoing concerns over China-US trade prospects. As treasury yields are approaching 2.9% rate-sensitive shares start to feel the pressure. The Hang Seng moved sideways, while CSI 300 and Shanghai Comp are down -0.47% and -0.33% respectively. US futures are moving higher, though while oil prices are down. [SIZE=4][B]Charts of the Day[/B][/SIZE] [IMG]https://analysis.hotforex.com/wp-content/uploads/2018/08/Charts-of-the-day-1024x445.png[/IMG] [/COLOR][/FONT] [B][B]Main Macro Events Today[/B][/B] [LIST] [*][B]US Q2 GDP results (USD, GMT 12:30) – Event of the week. [/B]The Gross Domestic Product figure, is probably the most important economic data announcement for a country, closely followed by the unemployment rate. Usually, high growth or a better than expected number is seen as positive for the USD, while a low reading is negative. GDP growth is expected to remain at the same levels as the previous quarter. [*][B]Canadian Current Account Balance (CAD, GMT 12:30)[/B] – The Canadian current account balance for Q2 is expected, on the basis of consensus forecasts, to improve significantly from -19.5 bln to -15.2 bln. Usually, the more positive the better for the currency. [*][B]Retail trade for July (JPY, GMT 23:50) –[/B] The index captures the aggregate sales made for household or personal consumption. Consumer spending is a key important indicator for the Japanese economy, but consensus expectations is that July trade will decrease by 0.3%. [/LIST] [FONT=Georgia][SIZE=4][B]Support and Resistance levels[/B][/SIZE] [/FONT] [FONT=Georgia][COLOR=rgb(20, 20, 20)][IMG]https://analysis.hotforex.com/wp-content/uploads/2018/08/2018-08-28_09-49-24.jpg[/IMG] [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business.[/B] [B]Please note that times displayed based on local time zone and are from time of writing this report.[/B] Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. [/COLOR][/FONT] [B]Dr Nektarios Michail[/B] [FONT=Georgia][COLOR=rgb(20, 20, 20)][B]Market Analyst[/B] [B]HotForex[/B] [B]Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.[/COLOR][/FONT] [/QUOTE]
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